The Russian ruble or rouble is the currency of the Russian Federation, the two recognised republics of Abkhazia and South Ossetia and the two unrecognised republics of Donetsk and Luhansk. The ruble is subdivided into 100 kopeks; the ruble was the currency of the Russian Empire and of the Soviet Union. However, today only Russia and Transnistria use currencies with the same name; the ruble was the world's first decimal currency: it was decimalised in 1704 when the ruble became equal to 100 kopeks. In 1992 the Soviet ruble was replaced with the Russian ruble at the rate 1 SUR = 1 RUR. In 1998 preceding the financial crisis, the Russian ruble was redenominated with the new code "RUB" and was exchanged at the rate of 1 RUB = 1,000 RUR; the ruble is the oldest national currency after the Pound sterling, the world's first decimal currency. The ruble has been used in the Russian territories since the 13th century; the modern Russian ruble was created in December 1991 and used in parallel with the Soviet ruble, which remained in circulation until September 1993.
All Soviet coins issued in 1961–1991 as well as 1-, 2- and 3-kopek coins, issued before 1961, formally remained legal tender until 31 December 1998, in 1999–2001 they were exchanged for Russian rubles at the ratio of 1000:1. Following the breakup of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992. A new set of coins was issued in 1992 and a new set of banknotes was issued in the name of Bank of Russia in 1993; the Russian ruble with the ISO 4217 code RUR and number 810 replaced the Soviet ruble at the rate 1 SUR = 1 RUR. After the fall of the Soviet Union, the Russian Federation introduced new coins in 1992 in denominations of 1, 5, 10, 20, 50 and 100 rubles; the coins depict the double-headed eagle without a crown and globus cruciger above the legend "Банк России". It is the same eagle that the artist Ivan Bilibin painted after the February Revolution as the coat of arms for the Russian Republic; the 1- and 5-ruble coins were minted in brass-clad steel, the 10- and 20-ruble coins in cupro-nickel, the 50- and 100-ruble coins were bimetallic.
In 1993, aluminium-bronze 50-ruble coins and cupro-nickel-zinc 100-ruble coins were issued, the material of 10- and 20-ruble coins was changed to nickel-plated steel. In 1995 the material of 50-ruble coins was changed to brass-plated steel, but the coins were minted with the old date 1993; as high inflation persisted, the lowest denominations disappeared from circulation and the other denominations became used. During this period the commemorative one-ruble coin was issued, it is identical in size and weight to a 5-Swiss franc coin. For this reason, there have been several instances of ruble coins being used on a large scale to defraud automated vending machines in Switzerland. In 1961, new State Treasury notes were introduced for 1, 3 and 5 rubles, along with new State Bank notes worth 10, 25, 50 and 100 rubles. In 1991, the State Bank took over production of 1-, 3- and 5-ruble notes and introduced 200-, 500- and 1,000-ruble notes, although the 25-ruble note was no longer issued. In 1992, a final issue of notes was made bearing the name of the USSR before the Russian Federation introduced 5,000- and 10,000-ruble notes.
These were followed by 50,000-ruble notes in 1993, 100,000 rubles in 1995 and 500,000 rubles in 1997. Since the breakup of the Soviet Union in 1991, Russian ruble banknotes and coins have been notable for their lack of portraits, which traditionally were included under both the Tsarist and Communist regimes. With the issue of the 500-ruble note depicting a statue of Peter I and the 1,000-ruble note depicting a statue of Yaroslav, the lack of recognizable faces on the currency has been alleviated. In 1998, following the financial crisis, the Russian ruble was redenominated with the new ISO 4217 code "RUB" and number 643, was exchanged at the rate of 1 RUB = 1,000 RUR; the redenomination was an administrative step that reduced the unwieldiness of the old ruble but occurred on the brink of the 1998 Russian financial crisis. The ruble lost 70% of its value against the US dollar in the six months following this financial crisis. A currency symbol was used for the ruble between the 18th century; the symbol consisted of the Russian letters "Р" and "У".
The symbol was placed over the amount number it belonged to. This symbol, fell into disuse by the mid-19th century. No official symbol was used during the final years of the Empire, nor was one introduced in the Soviet Union; the characters R and руб. were used and remain in use today, though they are not official. In July 2007, the Central Bank of Russia announced that it would decide on a symbol for the ruble and would test 13 symbols; this included the symbol РР. However, one more symbol, a Р with a horizontal stroke below the top similar to the Philippine peso sign, was proposed unofficially. Proponents of the new sign claimed that it is simple and similar to other currency signs; this symbol is similar to the Armenian letter ք or the Latin letter Ꝑ. On 11 December 2013, the official symbol for the ruble became, a Cyrillic letter Er with a single added horizontal stroke, though the abbreviation "руб." is in
Bagrat Uasyl-ipa Shinkuba was an Abkhaz writer, historian and politician. He studied history and languages of Abkhaz and Ubykh people, his novel The Last of the Departed is dedicated to the tragic destiny of Ubykh nation, which became extinct along a hundred of years. In 1958—1978 he was the Chairman of the Supreme Council Presidium of the Abkhaz ASSR. According to Jumber Patiashvili, in 1947 Shinkuba sent a letter "to Kremlin, requesting from Stalin and Beria separation of Abkhazia from Georgia and awarding it the status of an independent republic." Bagrat Shinkuba. The Last of the Departed on Adyghe Library Иалкаау иоымтакуа, т. 1—2, Akya, 1967—68. — Избранное. М. 1976. Цвинариа В. Л. Творчество Б. В. Шинкуба, Тб. 1970. Размышления Баграта Шинкубы Не уходи, Апсуа! Скончался абхазский поэт Баграт Шинкуба
A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, interest rates of a state or formal monetary union, oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Functions of a central bank may include: implementing monetary policies. Setting the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms controlling the nation's entire money supply the Government's banker and the bankers' bank managing the country's foreign exchange and gold reserves and the Government bonds regulating and supervising the banking industry Central banks implement a country's chosen monetary policy.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency, currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, a form of promissory note: a promise to exchange the note for "money" under certain circumstances; this was a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks incur liabilities. Central banks create money by issuing interest-free currency notes and selling them to the public in exchange for interest-bearing assets such as government bonds.
When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies. The European Central Bank remits its interest income to the central banks of the member countries of the European Union; the US Federal Reserve remits all its profits to the U. S. Treasury; this income, derived from the power to issue currency, is referred to as seigniorage, belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income; the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.
For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy aims to reduce unintended unemployment. Keynes labeled any jobs that would be created by a rise in wage-goods as involuntary unemployment: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.—John Maynard Keynes, The General Theory of Employment and Money p11 Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected.
Thus, Keynesian monetary policy aims for a steady rate of inflation. A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive. Economic growth can be enhanced by investment such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is used to alleviate times of low economic growth. On the other hand, raising the interest rate is used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. Further goals of monetary policy are stability of interest rates, of the financial market, of the foreign exchange market. Goals cannot be separated fr
Aleksandr Konstantinovich Shervashidze was a painter from the Russian Empire and member of the Shervashidze princely dynasty of Abkhazia. He was the grandson of the Abkhazian ruler Sefer Ali-Bey, his father Constantine was part of the 1832 conspiracy of Georgian nobility against Russian rule. Following the death of his cousin, Giorgi Shervashidze in 1918, Alexander was the locum tenens of the Abkhazian throne. From 1907 until 1918 Shervashidze worked a scenographer at the Saint Petersburg Mariinsky and Alexandrinsky theatres, he co-operated with Aleksandr Golovin, Valentin Serov and Pablo Picasso. He requested for all his work to be left to Georgia after his death. After the Russian Revolution, Chachba went into exile in France, he died on 17 August 1968 at the age of 101 in the hostel for the elderly in Monaco, was buried at the Russian cemetery in Nice. On 12 May 1985, Shervashidze was ceremonially reburied in the centre of the Abkhazian capital Sukhumi. On 24 December 2013, a monument was unveiled on his grave.
List of Princes of Abkhazia
A mint is an industrial facility which manufactures coins that can be used in currency. The history of mints correlates with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions. With the mass production of currency, the production cost is weighed. For example, it costs the United States Mint much less than 25 cents to make a quarter, the difference in production cost and face value helps fund the minting body; the earliest metallic money did not consist of coins, but of unminted metal in the form of rings and other ornaments or of weapons, which were used for thousands of years by the Egyptian and Assyrian empires. Metals were well suited to represent wealth, owing to their great commodity value per unit weight or volume, their durability and rarity.
The best metals for coinage are gold, platinum, tin, aluminum, zinc and their alloys. The first mint was established in Lydia in the 7th century BC, for coining gold and electrum; the Lydian innovation of manufacturing coins under the authority of the state spread to neighboring Greece, where a number of city-states operated their own mints. Some of the earliest Greek mints were within city-states on Greek islands such as Crete. At about the same time and mints appeared independently in China and spread to Korea and Japan; the manufacture of coins in the Roman Empire, dating from about the 4th century BC influenced development of coin minting in Europe. The origin of the word "mint" is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta; this goddess became the personification of money, her name was applied both to money and to its place of manufacture. Roman mints were spread across the Empire, were sometimes used for propaganda purposes; the populace learned of a new Roman Emperor when coins appeared with the new Emperor's portrait.
Some of the emperors who ruled only for a short time made sure. Ancient coins were made by striking between engraved dies; the Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, but because it was not suitable for such large masses of metal. Casting is now used only by counterfeiters; the most ancient coins were cast in bulletshaped or conical moulds and marked on one side by means of a die, struck with a hammer. The "blank" or unmarked piece of metal was placed on a small anvil, the die was held in position with tongs; the reverse or lower side of the coin received a “rough incuse” by the hammer. A rectangular mark, a “square incuse,” was made by the sharp edges of the little anvil, or punch; the rich iconography of the obverse of the early electrum coins contrasts with the dull appearance of their reverse which carries only punch marks. The shape and number of these punches varied according to their weight-standard. Subsequently, the anvil was marked in various ways, decorated with letters and figures of beasts, still the anvil was replaced by a reverse die.
The spherical blanks soon gave place to lenticular-shaped ones. The blank was struck between cold dies. One blow was insufficient, the method was similar to that still used in striking medals in high relief, except that the blank is now allowed to cool before being struck. With the substitution of iron for bronze as the material for dies, about 300 AD, the practice of striking the blanks while they were hot was discarded. In the Middle Ages bars of metal were hammered out on an anvil. Portions of the flattened sheets were cut out with shears, struck between dies and again trimmed with shears. A similar method had been used in Ancient Egypt during the Ptolemaic Kingdom, but had been forgotten. Square pieces of metal were cut from cast bars, converted into round disks by hammering and struck between dies. In striking, the lower die was fixed into a block of wood, the blank piece of metal laid upon it by hand; the upper die was placed on the blank, kept in position by means of a holder round, placed a roll of lead to protect the hand of the operator while heavy blows were struck with a hammer.
An early improvement was the introduction of a tool resembling a pair of tongs, the two dies being placed one at the extremity of each leg. This avoided the necessity of readjusting the dies between blows, ensured greater accuracy in the impression. Minting by means of a falling weight intervened between the hand hammers and the screw press in many places. In Birmingham in particular this system became developed and was long in use. In 1553, the French engineer Aubin Olivier introduced screw presses for striking coins, together with rolls for reducing the cast bars and machines for punching-out round disks from flattened sheets of metal. 8 to 12 men took over from each other every quarter of an hour to maneuver the arms driving the screw which struck the medals. The rolls were driven by horses, mules or water-power. Henry II came up against hostility on the par
Silver is a chemical element with symbol Ag and atomic number 47. A soft, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, reflectivity of any metal; the metal is found in the Earth's crust in the pure, free elemental form, as an alloy with gold and other metals, in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold and zinc refining. Silver has long been valued as a precious metal. Silver metal is used in many bullion coins, sometimes alongside gold: while it is more abundant than gold, it is much less abundant as a native metal, its purity is measured on a per-mille basis. As one of the seven metals of antiquity, silver has had an enduring role in most human cultures. Other than in currency and as an investment medium, silver is used in solar panels, water filtration, ornaments, high-value tableware and utensils, in electrical contacts and conductors, in specialized mirrors, window coatings, in catalysis of chemical reactions, as a colorant in stained glass and in specialised confectionery.
Its compounds are used in X-ray film. Dilute solutions of silver nitrate and other silver compounds are used as disinfectants and microbiocides, added to bandages and wound-dressings and other medical instruments. Silver is similar in its physical and chemical properties to its two vertical neighbours in group 11 of the periodic table and gold, its 47 electrons are arranged in the configuration 4d105s1 to copper and gold. This distinctive electron configuration, with a single electron in the highest occupied s subshell over a filled d subshell, accounts for many of the singular properties of metallic silver. Silver is an soft and malleable transition metal, though it is less malleable than gold. Silver crystallizes in a face-centered cubic lattice with bulk coordination number 12, where only the single 5s electron is delocalized to copper and gold. Unlike metals with incomplete d-shells, metallic bonds in silver are lacking a covalent character and are weak; this observation explains the low high ductility of single crystals of silver.
Silver has a brilliant white metallic luster that can take a high polish, and, so characteristic that the name of the metal itself has become a colour name. Unlike copper and gold, the energy required to excite an electron from the filled d band to the s-p conduction band in silver is large enough that it no longer corresponds to absorption in the visible region of the spectrum, but rather in the ultraviolet. Protected silver has greater optical reflectivity than aluminium at all wavelengths longer than ~450 nm. At wavelengths shorter than 450 nm, silver's reflectivity is inferior to that of aluminium and drops to zero near 310 nm. High electrical and thermal conductivity is common to the elements in group 11, because their single s electron is free and does not interact with the filled d subshell, as such interactions lower electron mobility; the electrical conductivity of silver is the greatest of all metals, greater than copper, but it is not used for this property because of the higher cost.
An exception is in radio-frequency engineering at VHF and higher frequencies where silver plating improves electrical conductivity because those currents tend to flow on the surface of conductors rather than through the interior. During World War II in the US, 13540 tons of silver were used in electromagnets for enriching uranium because of the wartime shortage of copper. Pure silver has the highest thermal conductivity of any metal, although the conductivity of carbon and superfluid helium-4 are higher. Silver has the lowest contact resistance of any metal. Silver forms alloys with copper and gold, as well as zinc. Zinc-silver alloys with low zinc concentration may be considered as face-centred cubic solid solutions of zinc in silver, as the structure of the silver is unchanged while the electron concentration rises as more zinc is added. Increasing the electron concentration further leads to body-centred cubic, complex cubic, hexagonal close-packed phases. Occurring silver is composed of two stable isotopes, 107Ag and 109Ag, with 107Ag being more abundant.
This equal abundance is rare in the periodic table. The atomic weight is 107.8682 u. Both isotopes of silver are produced in stars via the s-process, as well as in supernovas via the r-process. Twenty-eight radioisotopes have been characterized, the most stable being 105Ag with a half-life of 41.29 days, 111Ag with a half-life of 7.45 days, 112Ag with a half-life of 3.13 hours. Silver has numerous nuclear isomers, the most stable being 108mAg, 110mAg and 106mAg. All of the remaining radioactive isotopes have half-lives of less than an hour, the majority of these have half-lives of less than three minutes. Isotopes of silver range in relative atomic mass from 92.950 u
Dmitry Gulia was an Abkhazian Soviet writer and poet, considered to be one of the founders of Abkhaz literature. Dmitry Iosif-ipa Gulia was born to a peasant family in Uarcha village, in the modern Gulripshi District of Abkhazia, Georgia. Gulia studied at a teacher seminary in the city of Gori. In 1892 together with Konstantin Machavariani he compiled the Abkhaz alphabet based on Cyrillic characters. In his poetry collection the poet expressed the hopes of the Abkhaz people for a beautiful future and hatred towards any injustice. In 1921 Gulia headed the first Abkhaz theater group, he was an editor of the first Abkhaz newspaper Apsny. His diverse activities reached the culmination in the Soviet times, his lyrics are penetrated with the pathos of creation and unity of nations. Gulia wrote the first Abkhaz novella, Under Someone Else's Sky. In the novel Kamachich, he depicted Abkhaz life under the joyless destiny of a woman. Gulia's role in Abkhaz culture development is enormous, he authored works on language and Abkhaz ethnography, along with chrestomathies and textbooks.
He was elected a deputy of the USSR Supreme Council of fifth convocations. He was awarded the Order of Lenin, he wrote a weekly column on abkhazian dominoes. Dmitry Gulia died on April 7, 1960 in the village of Agudzera in Abkhazia and was buried in the city of Sukhumi. Gulia G. D. Dmitry Gulia – Story of My Father – Moscow, 1963 Bgazhba H. Zelinsky K. Dmitry Gulia – Critic Biographic Essay –, 1965 Great Soviet Encyclopedia, Third Edition – Moscow, 1974